19. Michael Campbell, age 66, is an instrument technologist in the bauxiteindustry. Michael provides you with the following information tocompute his income tax liability for year of assessment 2013. The profitand loss account relating to the business as at December 31, 2013 is asfollows:Revenue from instrument contractsOther incomeLess Expenses:Wages & salariesUtilitiesDepreciationLegal feesGeneral expensesProfessional feesNet Profit$700,000280,000570,000820,000730,000680,000228Trade, Business, Profession & Vocation Continued$10,200,00070,0003,780,0006,490,000Notes• The legal fees relate to the new building purchased during the year.Included in general expenses are utility bills amounting to $75,000 paidby the business for Michael's house.. Other income relates to gross interest on a fixed deposit received asfollows: Gross interest for the period January to June received July 31,2013 amounted to $60,000, tax deducted at source was $15,000. Grossinterest for the period July to December received February 28, 2014amounted to $60,000, tax deducted at source was $15,000.Prepare a schedule of Michael's tax liability for year of assessment 2013with notes where appropriate.

Name: 19. Michael Campbell, age 66, is an instrument technologist in the ba
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Description: 19. Michael Campbell, age 66, is an instrument technologist in the bauxiteindustry. Michael provides you with the following information tocompute his income tax liability for year of assessment 2013. The profitand loss account relating to the busine

A schedule of tax liability refers to the form of a document that reflects compiled list of all the…

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Business

Accounting

account relating to the business as at December 31, 201 $ from instrument contracts come enses: s & salaries es ciation 700,000 280,000 570.000 $ 10,200,000 70,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes. For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places.
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Question text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes.
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